PEPE Price Rising by 9% Causes Largest Liquidation in History

PEPE Price Surprises with Massive Short Liquidations

Despite the initial recovery phase, PEPE price experienced a bearish outcome, resulting in significant losses for investors. However, this setback may not deter major wallet holders from continuing their buy-in spree.

PEPE Price Action: A Mixed Bag

In the past 24 hours, PEPE price witnessed a modest 9% increase, surprising market observers. This uptick, instead of triggering a true recovery, led to substantial short liquidations. According to Coinglass data, the meme coin liquidated $17 million worth of shorts in a single day, marking the largest liquidation in its history. This suggests that bears anticipated further PEPE price declines over the weekend.

Whales Make Waves

While the short liquidations were devastating for bears, they proved bullish for other investors, particularly whales holding the most significant PEPE amounts in non-exchange addresses. Over the past three weeks, these large investors have accumulated over 1.5 trillion PEPE, valued at more than $13 million. This indicates that rather than succumbing to the bearish sentiment, whales viewed the dip as an opportunity to buy. As the price recovers, this accumulation could prove profitable.

PEPE Price Outlook: Recapturing Uptrend

Previously, PEPE price had enjoyed an unbroken uptrend since mid-April. However, recent events have led to a drop from $0.00001146 to $0.00000889 at the time of writing. This slide below $0.00001000 marked a bearish turn, leading to expectations of further declines.

The recent green candlestick offers hope for potential recovery. If PEPE price can re-establish $0.00001000 as support, it may rebound to $0.00001146 and recoup recent losses. However, a failure to do so could result in a pullback to $0.0000775 or lower, potentially invalidating the bullish hypothesis.